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Moody's may downgrade Egypt
- Egypt: Sunday, January 20 - 2013 at 04:23
Egypt's B2 government bond ratings has been placed by Moody's Investors Service on review for possible downgrade by one or two notches, citing heightened uncertainty over the country's politics and its ability to secure international financing, Reuters has reported. The main factor behind the move "is the country's return to unsettled political conditions despite the ongoing transition to civilian rule," the ratings agency said. "The second driver underpinning the review for possible downgrade is Egypt's postponement of a preliminary, staff-level agreement that was reached with the IMF on 20 November 2012," Moody's added.
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